Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick” or the “Company”) today announced preliminary full year and fourth quarter 2021 production results, which demonstrate that despite the ongoing challenges posed by the Covid-19 pandemic, it has met its annual guidance targets for the third consecutive year. Preliminary gold production for the full year of 4.44 million ounces was within the 4.4 to 4.7 million ounce guidance1 range, with both the Africa & Middle East and Latin America & Asia Pacific regions finishing the year at the higher end of their regional gold guidance range. Preliminary copper production of 415 million pounds for 2021 was also within the guidance range of 410 to 460 million pounds.
The preliminary Q4 results show sales for the quarter of 1.23 million ounces of gold and 113 million pounds of copper, as well as preliminary Q4 production of 1.20 million ounces of gold and 126 million pounds of copper. The average market price for gold in Q4 was $1,795 per ounce, while the average market price for copper was $4.40 per pound.
Preliminary Q4 gold production was higher than Q3 2021, mainly due to the strong performance from Carlin and Cortez following the repair of the Goldstrike roaster completed at the end of the third quarter, which allowed for increased processing of material mined from both sites. Preliminary Q4 gold sales were higher than Q3 2021 as Veladero sold a portion of its built-up gold inventory. Q4 gold cost of sales per ounce2 is expected to be 3-5% lower than Q3 2021, total cash costs per ounce3 are expected to be 1-3% lower than the prior quarter, and gold all-in sustaining costs per ounce3 are expected to be 4-6% lower than in Q3 2021.
Preliminary Q4 copper production was higher than Q3 2021, primarily due to increased throughput levels at Lumwana. Preliminary Q4 copper sales were lower than production, mainly due to the timing of shipments at Lumwana. Q4 copper cost of sales per pound2 is expected to be 13-15% lower and Q4 copper C1 cash costs per pound3 are expected to be 11-13% lower, while copper all-in sustaining costs per pound3 are expected to be 11-13% higher than Q3 2021 due to higher capital expenditures at Lumwana, primarily related to new mining equipment and stripping.
Barrick will provide additional discussion and analysis regarding its full year and fourth quarter production and sales when the Company reports its quarterly and full year 2021 results before North American markets open on February 16, 2022.
The following table includes preliminary gold and copper production and sales results from Barrick’s operations:
Three months ended Twelve months ended December 31, 2021 December 31, 2021 Production Sales Production Sales Gold (attributable ounces (000)) Carlin4 (61.5%) 295 297 923 922 Cortez (61.5%) 169 170 509 508 Turquoise Ridge (61.5%) 82 84 334 337 Long Canyon (61.5%) 33 34 161 161 Phoenix (61.5%) 25 26 109 111 Nevada Gold Mines (61.5%) 604 611 2,036 2,039 Loulo-Gounkoto (80%) 126 128 560 558 Pueblo Viejo (60%) 107 113 488 497 Kibali (45%) 94 95 366 367 North Mara (84%) 69 70 260 257 Veladero (50%) 61 83 172 206 Bulyanhulu (84%) 57 53 178 166 Tongon (89.7%) 50 47 187 185 Hemlo 35 34 150 152 Buzwagi (84%) 0 0 40 41 Total Gold 1,203 1,234 4,437 4,468 Copper (attributable pounds (millions)) Lumwana 78 62 242 253 Zaldívar (50%) 27 26 97 98 Jabal Sayid (50%) 21 25 76 72 Total Copper 126 113 415 423
Fourth Quarter and Full Year 2021 Results
Barrick will release its Q4 and full year 2021 results before market open on February 16, 2022. President and CEO Mark Bristow will host a virtual presentation on the results that day at 11:00 EST / 16:00 GMT, with an interactive webinar linked to a conference call. Participants will be able to ask questions.
Go to the webinar
US and Canada (toll-free) 1 800 319 4610
UK (toll-free) 0808 101 2791
International (toll) +1 416 915 3239
The fourth quarter and full year 2021 presentation materials will be available on Barrick’s website at www.barrick.com.
The webinar will remain on the website for later viewing, and the conference call will be available for replay by telephone at 1 855 669 9658 (US and Canada) and +1 604 674 8052 (international), access code 8231.
